{"id":287,"date":"2022-10-28T16:23:40","date_gmt":"2022-10-28T16:23:40","guid":{"rendered":"https:\/\/content-hub.stackcommerce.net\/guide\/?p=287"},"modified":"2023-07-10T17:50:24","modified_gmt":"2023-07-10T17:50:24","slug":"3-best-business-checking-accounts-of-2023","status":"publish","type":"post","link":"https:\/\/content-hub.stackcommerce.net\/guide\/banking\/3-best-business-checking-accounts-of-2023","title":{"rendered":"Best Business Checking Accounts of 2023: Comprehensive Guide"},"content":{"rendered":"\t<div class=\"entrepreneur-authors\">\n\t\t<div class=\"images\">\n\t\t\t<a href=\"https:\/\/content-hub.stackcommerce.net\/guide\/author\/jason-fell\"><img loading=\"lazy\" src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2023\/01\/jason-fell-150x150.png\" width=\"48\" height=\"48\" alt=\"Jason Fell\" class=\"avatar avatar-48 wp-user-avatar wp-user-avatar-48 alignnone photo\" \/><\/a>\t\t<\/div>\n\t\t<div class=\"members\">\n\t\t\t<span class=\"member\"><a href=\"https:\/\/content-hub.stackcommerce.net\/guide\/author\/jason-fell\">Jason Fell<\/a><\/span>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\n\n\n<div class=\"wp-block-entrepreneur-guide-commission-notice wp-block-entrepreneur commission-notice-block\"><p class=\"text\">We may earn an affiliate commission from partner links on the Entrepreneur Guide. These do not affect our editors\u2019 opinions.<\/p><\/div>\n\n\n\n<p>You likely have a personal checking account established in your name. The Federal Reserve <a href=\"https:\/\/www.federalreserve.gov\/publications\/2021-economic-well-being-of-us-households-in-2020-banking-and-credit.htm\" target=\"_blank\" rel=\"noopener\">estimates that 81 % of American adults are \u201cfully banked.\u201d<\/a> In other words, more than 200 million people either have a checking or a savings account with an FDIC-insured financial institution.&nbsp;<\/p>\n\n\n\n<p>An additional 13% of adults are \u201cunderbanked,\u201d so it\u2019s a 94% chance that you have access to a checking account or otherwise utilize online banking for your personal finances.<\/p>\n\n\n\n<p>Managing finances is one of <a href=\"https:\/\/www.entrepreneur.com\/article\/319723\" target=\"_blank\" rel=\"noopener\">the most challenging aspects of running a business<\/a>. If you already have a personal checking account open, you might be considering using it in conjunction with your business.&nbsp;<\/p>\n\n\n\n<p>After all, a checking account is merely a place to deposit and withdraw funds, right? Unfortunately, the truth is that they\u2019re a little more complicated than that. While it might seem more convenient to merge your finances into one account, <a href=\"https:\/\/www.entrepreneur.com\/article\/391844\" target=\"_blank\" rel=\"noopener\">there are a lot of downsides that you should know about<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-black-color has-text-color has-background\" href=\"#widget\" style=\"background-color:#fde047\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Check out today&#8217;s best checking accounts below \u2192<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-page-index wp-block-entrepreneur\"><div class=\"post-tree-index\" data-script=\"entrepreneur-accordion\"><div class=\"accordion-item is-hidden\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><div class=\"trigger index-trigger\"><span class=\"text\" data-active=\"Hide Index\" data-inactive=\"Show Index\">Show Index<\/span><\/div><\/div>\t<div class=\"item-content\">\n\t\t<ul class=\"content\">\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\" href=\"#h-who-offers-the-best-business-checking-account-in-2023\">Who offers the best business checking account in 2023?<\/a>\n\t\t\t\t\t\t\t<ul>\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\"\n\t\t\t\t\t   href=\"#bluevine\">Bluevine<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\"\n\t\t\t\t\t   href=\"#chase\">Chase<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\"\n\t\t\t\t\t   href=\"#bethpage-federal-credit-union\">Bethpage Federal Credit Union<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\" href=\"#h-why-do-i-need-a-business-checking-account\">Why do I need a business checking account?<\/a>\n\t\t\t\t\t\t\t<ul>\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\"\n\t\t\t\t\t   href=\"#h-tax-preparation\">Tax preparation<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\"\n\t\t\t\t\t   href=\"#h-avoid-business-debt-liability\">Avoid business debt liability<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\"\n\t\t\t\t\t   href=\"#h-build-business-credit\">Build business credit<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li>\n\t\t\t\t\t<a class=\"index-element\" href=\"#h-open-a-business-checking-account-and-separate-your-finances\">Open a business checking account and separate your finances<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t<\/div>\n\t<\/div><\/div><\/div>\n\n\n\n<h2 id=\"h-who-offers-the-best-business-checking-account-in-2023\"><strong>Who offers the best business checking account in 2023?<\/strong><\/h2>\n\n\n\n<p>It isn\u2019t challenging to find checking accounts that cater to businesses. Banks and credit unions are often ecstatic to accept a business&#8217;s money. Just think of all they do to attract the business of everyday citizens.&nbsp;<\/p>\n\n\n\n<p>Since business bank accounts typically hold a lot more money than an individual, you can imagine the incentives they\u2019re willing to offer.<\/p>\n\n\n\n<p>Here is a list of the three best business checking accounts in 2023:<\/p>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-1 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">1<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"bluevine\">Bluevine<\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2022\/11\/Bluevine-logo.png\" alt=\"Bluevine logo\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/www.bankrate.com\/landing\/Entrepreneur\/best-business-options-bluevine\/?sub-id=BestBusinessCheckingAccounts\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\"><\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"section-summary\"><div>\n<p>The <a href=\"https:\/\/www.bankrate.com\/landing\/Entrepreneur\/best-business-options-bluevine\/?sub-id=BestBusinessCheckingAccounts\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bluevine<\/a> Business Checking account is the hands-down best option on this list for one reason: interest. It\u2019s exceptionally rare to find a checking account (business or personal) that offers the ability to earn interest.&nbsp;<\/p>\n\n\n\n<p>Bluevine is the diamond in the rough and offers an annual percentage yield (APY) of 1.5% for balances up to $100,000. There are no monthly maintenance fees for a Bluevine account, and no minimum deposits are required.&nbsp;<\/p>\n\n\n\n<p>You\u2019ll be granted unlimited transactions without transaction fees and free ATM access throughout the MoneyPass network.<\/p>\n\n\n\n<p>The biggest downside to a Bluevine account is that it\u2019s not very good at handling cash deposits. Blueving is an online-only service, which is why it can afford such a generous interest rate.&nbsp;<\/p>\n\n\n\n<p>The downside is that there are no physical Bluevine locations. You\u2019ll have to use a Green Dot retail location to deposit cash into your account.&nbsp;<\/p>\n\n\n\n<p>The maximum daily deposit is $2,000, and you can only deposit $500 at a time. Each deposit will cost you $4.95 in fees.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-2 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">2<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"chase\">Chase<\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2022\/11\/Chase-logo.png\" alt=\"Chase logo\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/www.bankrate.com\/landing\/Entrepreneur\/best-business-options-chase\/?sub-id=BestBusinessCheckingAccounts\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\"><\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"section-summary\"><div>\n<p><a href=\"https:\/\/www.bankrate.com\/landing\/Entrepreneur\/best-business-options-chase\/?sub-id=BestBusinessCheckingAccounts\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Chase<\/a> offers three separate business checking accounts that can meet all of your needs. Chase Business Complete Banking, Chase Performance Business, and Chase Platinum Business are all checking accounts that include various features.&nbsp;<\/p>\n\n\n\n<p>The Chase Business Complete Banking checking account is the most basic of the three but is still good enough to make this list.&nbsp;<\/p>\n\n\n\n<p>The main benefit of opening a checking account with Chase is the $300 bonus. It\u2019s hard to beat free money, and $300 is quite an incentive. The rest of the account is relatively straightforward and offers many quality features you expect with a checking account.&nbsp;<\/p>\n\n\n\n<p>You can deposit checks, transfer funds, and make withdrawals as needed. Additionally, the account integrates smoothly with QuickBooks and other accounting software. There is a $15 monthly fee, but it\u2019s pretty easy to meet the requirements to waive it.<\/p>\n\n\n\n<p>There are a few downsides that come with this checking account option. The main one is that you only have 20 free transactions before you still incur a fee and have to bill pay.&nbsp;<\/p>\n\n\n\n<p>After the first 20, you\u2019ll be paying 40 cents for each. Another issue is that you can only deposit $5,000 into your account balance a billing cycle before being charged. For every $1,000 over the cap, you\u2019ll be paying a fee of $2.50. Depending on the nature of your business, the translation and deposit fees can add up quickly. While there are no minimum balance requirements if account holders have a strong enough cash flow, this account\u2019s<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-3 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">3<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"bethpage-federal-credit-union\">Bethpage Federal Credit Union<\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2022\/10\/BethPage.png\" alt=\"BethPage Logo\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/www.bankrate.com\/landing\/Entrepreneur\/best-business-options-bethpage\/?sub-id=BestBusinessCheckingAccounts\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\"><\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"section-summary\"><div>\n<p>The <a href=\"https:\/\/www.bankrate.com\/landing\/Entrepreneur\/best-business-options-bethpage\/?sub-id=BestBusinessCheckingAccounts\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bethpage Federal Credit Union<\/a> Free Business Checking with Interest account lives up to its name. It\u2019s a free online business checking account that offers you interest. The interest rate is only 0.20% APY, but that\u2019s a significantly higher interest rate than most checking accounts.&nbsp;<\/p>\n\n\n\n<p>There are no monthly service fees with Bethpage, no limit to the number of transactions, deposit requirements, and ATM fee-free withdrawals for Bethpage and co-op ATM networks. The Bethpage account is one of the best overall for a business, but it\u2019s third on this list for a reason.<\/p>\n\n\n\n<p>There is only one major downside to using Bethpage Federal Credit Union, which is critical. It stems from the fact that Bethpage only has branches in New York state.&nbsp;<\/p>\n\n\n\n<p>You can still conduct your banking activities via the mobile app or website, using mobile check deposit integrations and other mobile banking needs. Still, you\u2019ll need to be in New York to enter a branch in person.&nbsp;<\/p>\n\n\n\n<p>Usually, this wouldn\u2019t be much of an issue, but Bethpage only allows residents in 12 states outside New York to apply for online membership. If you aren\u2019t in these states, you\u2019ll need to travel to a New York branch physically:<\/p>\n\n\n\n<ul><li>Arizona<\/li><li>California<\/li><li>Connecticut<\/li><li>Florida<\/li><li>Georgia<\/li><li>Illinois<\/li><li>Nevada<\/li><li>New Jersey<\/li><li>North Carolina<\/li><li>South Carolina<\/li><li>Virginia<\/li><li>Washington<\/li><\/ul>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<h2 id=\"h-why-do-i-need-a-business-checking-account\"><strong>Why do I need a business checking account?<\/strong><\/h2>\n\n\n\n<p>Opening a business checking account might sound like something that should be on the bottom of your priority list.&nbsp;<\/p>\n\n\n\n<p>There are a million things that business owners need to take care of when operating a small business. Why open another checking account when you already have one that works fine? Here are <a href=\"https:\/\/www.entrepreneur.com\/article\/251252\" target=\"_blank\" rel=\"noopener\">a few reasons that might change your mind<\/a> and have you reorganize your priority list:<\/p>\n\n\n\n<h3 id=\"h-tax-preparation\"><strong>Tax preparation<\/strong><\/h3>\n\n\n\n<p>Tax time comes for all people and businesses alike. Sooner or later, you will <a href=\"https:\/\/www.fool.com\/the-ascent\/small-business\/articles\/do-you-file-business-and-personal-taxes-together\/\">need to file your personal and business taxes<\/a>. How exactly do you plan to record your business expenses when using the account in your personal life?&nbsp;<\/p>\n\n\n\n<p>Was the $800 purchase at Best Buy last March the new work computer or refrigerator? Was the $85 at the gas station to fill up the work truck or the minivan? You get the idea.<\/p>\n\n\n\n<p>By creating a separate business account, you\u2019ll have a detailed account of all your business&#8217;s transactions. Deductions and expenses will be way easier to calculate, and you don\u2019t have to worry about overpaying or underpaying the IRS.&nbsp;<\/p>\n\n\n\n<p>An <a href=\"https:\/\/www.entrepreneur.com\/article\/219918\" target=\"_blank\" rel=\"noopener\">IRS audit is the last thing you want to deal with<\/a> when mixing your finances. Separating your finances is the easiest way to avoid that scenario.<\/p>\n\n\n\n<h3 id=\"h-avoid-business-debt-liability\"><strong>Avoid business debt liability<\/strong><\/h3>\n\n\n\n<p>It doesn\u2019t take long <a href=\"https:\/\/www.entrepreneur.com\/article\/204868\" target=\"_blank\" rel=\"noopener\">for a business to accrue a sizable debt<\/a>. Often, a company will fall into debt without a way out. Should this happen, creditors would seize the business assets to cover the costs of the debt.&nbsp;<\/p>\n\n\n\n<p>The problem with keeping a single bank account is that there is no way of knowing which assets are business-related or personal. You could simply lose everything you own to cover your business debts.<\/p>\n\n\n\n<p>The best way to avoid this nightmarish scenario is to <a href=\"https:\/\/www.investopedia.com\/terms\/l\/llc.asp\" target=\"_blank\" rel=\"noopener\">establish your business as a limited liability company (LLC) or corporation<\/a>. That would establish your business as a separate entity with its liability. The second thing is to get a business checking account to create a line between personal and business assets.&nbsp;<\/p>\n\n\n\n<p>There would be no question as to which assets are which, and you won\u2019t be held personally liable for the debts of your business.<\/p>\n\n\n\n<h3 id=\"h-build-business-credit\"><strong>Build business credit<\/strong><\/h3>\n\n\n\n<p>On its own, a business checking account probably won\u2019t move the needle on your <a href=\"https:\/\/www.cnbc.com\/select\/free-business-credit-score\/\" target=\"_blank\" rel=\"noopener\">business credit score<\/a>. However, a business debit card will allow you to take out a business credit card or line of credit. As long as you use it responsibly, revolving credit is <a href=\"https:\/\/www.entrepreneur.com\/article\/283759\" target=\"_blank\" rel=\"noopener\">an excellent way to build up your business&#8217;s credit score<\/a>.<\/p>\n\n\n\n<p>Additionally, bank statements and a solid growth history can be a perfect bargaining tool when applying for a business loan. Having a single checking account will prevent you from experiencing these necessities.<\/p>\n\n\n\n<h2 id=\"h-open-a-business-checking-account-and-separate-your-finances\"><strong>Open a business checking account and separate your finances<\/strong><\/h2>\n\n\n\n<p>Based on the list above, small-business owners have many solid options for opening a business checking account. The process might be a little different depending on the provider, but none of them will be too difficult.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.entrepreneur.com\/article\/382228\" target=\"_blank\" rel=\"noopener\">You\u2019ll most likely need to bring in a few items<\/a>, such as your taxpayer-identification numbers, copies of essential business documents, and personal identification. However, the checking account provider will be eager to have your business and gladly guide you along the process.<\/p>\n\n\n<p><a id=\"widget\">&nbsp;<\/a><\/p>\n\n\n<div class=\"wp-block-entrepreneur-guide-checking myFinance-widget\" data-ad-id=\"533bf0fe-4f65-4e62-a88a-833e7f9de4d0\" data-campaign=\"entr-bizcheck-multi\" data-sub-id=\"BestBusinessCheckingAccounts\"><\/div>\n\n\n\n<p>Are you interested in business content? Check out Entrepreneur.com for our <a href=\"https:\/\/www.entrepreneur.com\/bookstore\" target=\"_blank\" rel=\"noopener\">books<\/a>, <a href=\"https:\/\/www.entrepreneur.com\/events\" target=\"_blank\" rel=\"noopener\">webinars<\/a>, and other resources.<\/p>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-disclaimer-advise wp-block-entrepreneur disclaimer-advise\"><p class=\"information\">Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>You likely have a personal checking account established in your name. The Federal Reserve estimates that 81 % of American adults are \u201cfully banked.\u201d In other words, more than 200 million people either have a checking or a savings account with an FDIC-insured financial institution.&nbsp; An additional 13% of adults are \u201cunderbanked,\u201d so it\u2019s a [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"post_jail":false,"hero_heading":false,"post_description":""},"categories":[13],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v20.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best Business Checking Accounts of 2023: Comprehensive Guide<\/title>\n<meta name=\"description\" content=\"Who offers the best business checking account perks in 2023? Read on to learn about our 3 top picks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/100.50.83.124\/guide\/banking\/3-best-business-checking-accounts-of-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best Business Checking Accounts of 2023: Comprehensive Guide | Entrepreneur Guide\" \/>\n<meta property=\"og:description\" content=\"Who offers the best business checking account perks in 2023? 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